# Eurozone Yield Spreads vs Bund: Demographic Determinants

| Variable | Z levels | Z deviations | Age decomp | Excl GRC |
|:---|---:|---:|---:|---:|
| Z_1 | 8.9916 | | | -1.9008 |
| | (19.4744) | | | (11.3068) |
| Z_2 | -1.2362 | | | 0.1589 |
| | (2.4936) | | | (1.4422) |
| Z_3 | 0.0508 | | | -0.0011 |
| | (0.0910) | | | (0.0525) |
| fiscal_bal_gdp | 0.0234 | 0.0285 | 0.0240 | -0.0101 |
| | (0.0348) | (0.0348) | (0.0346) | (0.0202) |
| nfa_gdp_lag | -0.3839 | -0.4091 | -0.3853 | -0.2931 |
| | (0.3775) | (0.3744) | (0.3823) | (0.2290) |
| rgdp_growth | -0.0541*** | -0.0540*** | -0.0529*** | -0.0209* |
| | (0.0200) | (0.0201) | (0.0200) | (0.0113) |
| Z_1_dev | | 16.8850 | | |
| | | (20.0523) | | |
| Z_2_dev | | -2.6421 | | |
| | | (2.5410) | | |
| Z_3_dev | | 0.1109 | | |
| | | (0.0926) | | |
| old_dep | | | 3.5832 | |
| | | | (5.8956) | |
| youth_dep | | | -4.2335 | |
| | | | (10.8483) | |
|:---|---:|---:|---:|---:|
| N | 280 | 280 | 280 | 256 |
| R² | 0.1633 | 0.1753 | 0.1269 | 0.1553 |
| Countries | 10 | 10 | 10 | 9 |

*Panel GLS with country and year fixed effects. DV = 10-year government bond yield minus German Bund. EMU members post-accession, excluding DEU.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*